New IRS tax rules leave crypto holders confused and anxious
According to a survey by the Awaken Tax platform, American crypto holders are deeply concerned and perplexed by the new tax rules introduced by the US Internal Revenue Service (IRS) this year. The key change is the shift from a self-reporting system for crypto income and transactions to automatic reporting of all transactions by exchanges and other crypto platforms.
Previously, crypto holders were responsible for properly filing their tax returns, which sometimes posed difficulties due to the complex nature of crypto transactions. Now, platforms will be required to transfer all transaction information directly to the IRS, which, on the one hand, will simplify reporting, but on the other hand, raises concerns among users about the confidentiality of their data.
According to the survey, 56% of respondents admitted that they poorly understand the new rules, and 43% said they are "scared" of the upcoming changes. Additionally, 40% of participants are concerned that the new system will lead to reporting errors and additional tax problems.
Experts explain that such a reaction is quite expected, as the cryptocurrency market is still in its early stages of development, and most users do not have sufficient knowledge in the field of taxation of digital assets. A smooth transition to automatic reporting will help in the long run, but in the short term, there are certain difficulties and stress for crypto holders.